ETH bearish scenario post trending below the 100-day moving average

Ethereum (ETH) Price Analysis – April 25

Highlights:

ETH/BTC continued to follow a bearish scenario after breaking out from a descending channel with price action trending far below the 100-day moving average.  Meanwhile, ETH/USD remained in bullish territory as price action currently tests the lower channel. A bounce or break may occur.

ETH-USD Market

Key Levels:

Resistance levels: $175, $185

Support levels: $150, $140

The 100-day moving average has been acting as strong support for bearish pressure. But as it bends along with price action, this signals a heavy pressure from the bear side which is becoming reality in the market. Now, Ethereum is testing the lower channel. 

If ETH bounced up, $175 resistance would be a close level for the bulls. At the same time, a low break could slip price to a low of $150 support and possibly $140. By then, the bears may gain control of the market. As of now, ETH/USD is still following a medium-term bullish trend.

The 4-hours RSI is revealed beneath the 50 level; lying near the oversold level which has been a solid level for the token since the price action crossed the 100-day moving average. Breaching down the oversold level could lead to a bearish breakout. However, the market remains within a rising channel.

ETH-BTC Market

As appeared on the medium-term outlook, Ethereum has been on a bearish trend, for the past a month now. As a result of this, the sellers have been gaining control of the market and it appeared that the bearish scenario may continue until the selling pressure is exhausted.

Two days ago, Ethereum broke-down from a descending channel after trading within its boundaries for three weeks, which was a signal for a strong selling momentum. In fact, the 100-day moving average is now above the price action; signaling the strength of the bears.

While on a slight consolidation, there’s a need for retest at the break point (circled red) of 0.0313BTC resistance level before riding lower. The 4-hours RSI is bearish; crossing above 50 level may initiate a buy for ETH/BTC market.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.